Max Life Insurance Company Limited is a joint venture between the Mitsui Sumitomo Insurance Group from Japan and Max India Limited. Max Life Term Insurance plans are the most popular products among its customers as they provide life cover at affordable prices. Term insurance plans are the most basic and simplest form of plans which financially protects the policyholder’s dependents in case of his/her death. The insurance provider is liable to pay a lump sum amount or timely payouts to the nominees of the insured in case of his/her death.
Table of Contents:
Types of Max Life Term Insurance Plan
Following are the different types of Max Life Term Insurance Plan:
- Max Life Online Term Plan Plus
- Basic Life Cover
- Basic Life Cover + Monthly Income
- Basic Life Cover + Increasing Monthly Income
- Max Life Super Term Plan
- Max Life Premium Return Protection Plan
Max Life Insurance Online Term Plan Basic Life Cover
- This plan is specially designed for online purchase.
- The policy offers a death benefit in case the insured individual dies during the policy tenure.
- The sum assured is provided to the nominees of the insured as the death benefit.
- The plan also provides the option for an optional rider policy called the Max Life Comprehensive Accident Benefit Rider. This rider plan provides additional sum assured if the policyholder passes away in an accident.
- If the insured opts for the higher value of sum assured Max Life provides him/her with additional discounts.
- Rebates are also given to female customers as well as non-smoking customers.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 60 years |
| Sum Assured | Rs.25 lakh | Rs.100 crore |
| Policy Term | 10 years | 35 years |
| Maturity Age | – | 70 years |
Max Life Insurance Online Term Plan Life Cover + Monthly Income
- This plan is also available for online purchase on the website of Max Life Insurance.
- The sum assured is paid out as a lump sum and also as monthly payouts to the insured.
- The basic sum assured is paid out in lump sum amount immediately after the death of insured.
- The monthly payouts begin one month after the death of the policyholder. These payouts are 0.4% of the basic sum assured and is paid each month for 10 years.
- The total amount paid to the nominees including the monthly payouts is 148% of the total sum assured under this Max term plan.
- If the insured opts for the higher value of sum assured, Max Life provides him/her with additional discounts.
- Rebates are also given to female customers as well as non-smoking customers.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 60 years |
| Sum Assured | Rs.25 lakh | Rs.100 crore |
| Policy Term | 10 years | 35 years |
| Maturity Age | – | 70 years |
Max Life Insurance Online Term Plan Life Cover + Increasing Monthly Income
- This plan is also available for online purchase on the website of Max Life Insurance.
- The sum assured is paid out as a lump sum and also as monthly payouts to the insured.
- The basic sum assured is paid out in lump sum amount immediately after the death of the insured.
- The monthly payouts begin one month after the death of the policyholder. These payouts are 0.4% of the basic sum assured.
- The monthly payouts paid as the first installment of 0.4% increases by 10% every year.
- The total amount paid to the nominees including the monthly payouts is 169.60% of the total sum assured under this term plan.
- The plan also provides the option for an optional rider policy called the Max Life Comprehensive Accident Benefit Rider. This rider plan provides additional sum assured if the policyholder passes away in an accident.
- Rebates are also given to the individual leading healthy lifestyles.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 60 years |
| Sum Assured | Rs.25 lakh | Rs.100 crore |
| Policy Term | 10 years | 35 years |
| Maturity Age | – | 70 years |
Max Life Super Term Plan
- This plan offers an increase in the basic sum assured on an annual basis.
- The increase in sum assured is 5% on the promised sum assured every year.
- There are two options for availing the death benefits, and the insured can make a choice based on his/her insurance needs.
- In the first option, the sum assured is paid out as a lump sum benefit to the nominees.
- In second option 50% of the sum assured is paid out as a lump sum, and the remaining sum is given out as monthly payouts to the insured.
- The half sum assured is paid out in lump sum amount immediately after the death of the insured in the second option.
- The monthly payouts begin one month after the death of the policyholder. These payouts are equal installments of the remaining sum assured and increase at a rate of 8.5% a year.
- The policy offers a rider plan called the Max Life Waiver of Premium Plus Rider that helps increase the comprehensiveness in the coverage of the policy. The future premiums are waived in case of disability or critical illness, and the coverage continues under this plan.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 65 years |
| Sum Assured | Rs.25 lakh | No limit |
| Policy Term | 10 years | 35 years |
| Maturity Age | – | 75 years |
Also Know: Max Life Whole Life Super Plan
Max Life Premium Return Protection Plan
- The death benefit is paid out as a lump sum amount equivalent to the sum assured after the death of the policyholder.
- The plan also provides the inbuilt rider policy called the Accident Benefit Rider. This rider plan provides additional sum assured if the policyholder passes away in an accident.
- The additional amount paid for accidental death is 50% of the basic sum assured. Therefore, in case the policyholder dies accidentally, his/her nominees will be entitled to 150% of the sum assured.
- The policy offers a rider plan called the Max Life Waiver of Premium Plus Rider that helps increase the comprehensiveness in the coverage of the policy. The future premiums are waived in case of disability or critical illness, and the coverage continues under this plan.
- The premium payment term is fixed – 11 years.
- If the insured survives the policy term, 100% of the premiums that are paid by him/ her are returned.
- Customers who opt for a sum assured of Rs 30 lakh or more receive rebates on premiums.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 21 years | 55 years |
| Sum Assured | Rs.5 lakh | 1 crore |
| Policy Term | 20 years | 30 years |
| Maturity Age | – | 75 years |
Documents Required
Mentioned below are the following list of documents required to buy the plan:
- Address Proof
- Income Proof
- Age Proof
- Income Proof
- Bank Proof
- Passport Size Photograph
Claim Process
Max Life Term Insurance can be intimated by providing written notice through agent advisor, visiting nearest branch office or sending e-mail at claims.support@maxlifeinsurance.com
along with the necessary supported documents. After the documents are verified by the concerned authority of the company, company will settle the claim as early as possible.
Documents Required for Claim Process
- Original policy documents
- Original/attested copy of death certificate issued by local municipal authority
- Death claim application form (Form A)
- NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook
- Nominee’s photo identity proof such as copy of Passport, PAN card, Voter identity card, Aadhar (UID) card, etc.
Claim Settlement
As per the company’s terms and conditions, all valid claims will be settled within 30 days from the date of last necessary documents submitted. Claim might get delayed or rejected, if any of the fraudulent activity is involved.
Exclusions under Max Life Term Plan
-
- Attempt to suicide
- HIV AIDS
War, terrorism, or any act of the foreign enemy
- Committing assault, criminal offence, illegal activity
Riders (add-ons)
Through riders, customers will be able to avail additional advantage in form of coverage and benefits. Max Life Term Insurance offers different riders as per the needs of the customers in order to receive the advantage. Some of the riders under term insurance are as follows:
- Max Life Waiver of Premium (WOP) Rider
- Max Life Accidental death & Dismemberment Rider
- Max Life Comprehensive Accident Benefit Rider
Tax Benefits
Policyholders or individuals willing to buy Max Life Term Insurance Plan can take an additional advantage in form of tax benefits. Tax benefits under section 80C, 80D & 10(10D) of the Income Tax Act, 1961 allows policyholders to save tax on premiums paid. Under section 80C of the Income Tax Act policyholders are allowed an exemption on premiums paid of up to Rs. 1.5 lakh per annum.
Advantages of Max Life Term Plans
- High Coverage
- Lower Premium Rates
- Cost-effective plans
- Flexible pay-out as monthly income in addition to lump sum amount
- Option to choose riders (add-ons)
- Increased insurance cover at major life-stages
Important Aspects
- Buy term insurance plan at early life stage to pay lower premiums
- Read terms and conditions of the policy carefully before buying the plan
- Check premium rates as premium amount gets higher in long run
FAQs
Q1. Is it possible to make online payment of the premiums for Max term plans?
Yes, it is possible to make the online payment of the premium, and the available modes of online payment are:
- Debit card
- Credit card
- Net Banking
Q2. How to check policy status in Max online term plan?
For checking the online status in case of some Max online term plan, all you have to do is log in to the official website of Max Life by using your ID and password.
Q3. How to cancel the term plan by Max Life?
A term plan by Max Life can be canceled by submitting the required documents and surrender form in the branch office near your location. After the required procedures are complete, the refunds will be made in your bank account.
Q4. How is the claim settled by Max Life?
The claim is to be filed by the customer by submitting the filled claims form along with the policy documents. Once the documents are verified, your claim will be processed shortly. The complete procedure of claim processing and refund can take up to 10 days.
Q5. How to renew a term plan by Max Life?
The term plan of Max life can be renewed using the following steps:
- First Step: Log-in the e-portal using your customer login ID and password.
- Second Step: Fill in your policy details and select an online payment mode.
- Third Step: Make the payment and keep a record of the generated receipt for future.
You can also renew the policy offline by visiting your nearest branch office and making an offline payment.